Key facts
- Coinbase Ventures purchased ENA tokens on the open market.
- This is Coinbase Ventures' first disclosed open market purchase of a token.
- Coinbase and Ethena announced a partnership to promote on-chain finance.
- Ethena's yield token, sUSDe, will be distributed on the Base network.
- Ethena expanded its institutional lending partnership with Anchorage Digital.
- Anchorage Digital will act as collateral manager for Ethena's loan assets.
Coinbase Ventures has purchased ENA tokens on the open market, a first for the firm, coinciding with a new partnership between Coinbase and Ethena. This collaboration aims to promote on-chain finance and savings products to Coinbase's user base of over 100 million people, with the first product set to launch next week. Coinbase already serves as Ethena's primary custodian, wallet provider, and perpetuals venue, and Ethena's yield token, sUSDe, will be distributed on the Base network and the broader Coinbase ecosystem. Analysts suggest the deal could link Coinbase's USDC ecosystem with Ethena's yield infrastructure. Separately, Ethena expanded its institutional lending partnership with Anchorage Digital, a federally regulated crypto bank, to serve as collateral manager for Ethena's loan assets. Borrower collateral will be held directly within Anchorage's regulated custody infrastructure, addressing institutional compliance needs for collateral management in DeFi lending.